Axis Capital to exit coal, oil sands insurance business

first_img FacebookTwitterLinkedInEmailPrint分享Canadian Underwriter:Starting next year, Axis Capital Holdings Ltd. will stop writing new insurance and facultative reinsurance for oil sands extraction and pipeline projects.Pembroke, Bermuda-based Axis writes commercial specialty and reinsurance. Its new thermal coal and oil sands underwriting and investment policy takes effect Jan. 1, Axis Capital said Wednesday in a release.“AXIS will not provide new insurance or facultative reinsurance for the construction of new thermal coal plants or mines and their dedicated infrastructure or oil sands extraction and pipeline projects and their dedicated infrastructure; or to companies that generate 30% or more of their revenues from thermal coal mining, generate 30% or more of their power from thermal coal, or hold more than 20% of their reserves in oil sands,” the insurer said. “Renewals will be considered on a case-by-case basis until Jan. 1, 2023. Exceptions to this policy may be considered on a limited basis until Jan. 1, 2025 in countries where sufficient access to alternative energy sources is not available.”The announcement comes less than a week after Canadian Underwriter obtained a memo that purports to be a “CrossLine Alert,” issued for internal users only, from Munich Re. In that memo – which Munich Re has neither confirmed nor denied to be authentic – the insurer says facultative reinsurance covers and primary insurance business, including renewals, will no longer be signed for the planning, financing, construction of new oil sand sites. “We believe insurers have an important role to play in mitigating climate risk and transitioning to a low-carbon economy,” Axis Capital CEO Albert Benmichol stated Wednesday in a release.As a result of global warming, Canada will have more frequent heat waves, droughts and precipitation events, Insurance Bureau of Canada CEO Don Forgeron said Apr. 25 at IBC’s annual general meeting.More: Another insurer to withdraw coverage from oil sands Axis Capital to exit coal, oil sands insurance businesslast_img read more

U.S. added 13.3GW of new solar in 2019, pushing national total to 76GW

first_img FacebookTwitterLinkedInEmailPrint分享Greentech Media:Solar topped natural gas and wind to claim a record share of new U.S. electric generating capacity last year, at nearly 40 percent, boosted by a vibrant residential sector that looks healthier than it has in years.2019 was a landmark year for the American power sector on several fronts. Wind crossed the 100-gigawatt threshold, and it overtook hydroelectric plants in total electricity generated. But solar stole the show, with four out of every 10 megawatts of capacity built last year represented by a PV panel.All told, the country added 13.3 gigawatts of new solar last year, bringing the cumulative total to 76 gigawatts, according to the U.S. Solar Market Insight report, published quarterly by the Solar Energy Industries Association and Wood Mackenzie Power & Renewables.Solar accounted for 39.8 percent of new U.S. generating capacity brought online last year, blowing past natural gas at 32 percent and wind at 27 percent. It’s just the second time that solar was the leading source of new capacity, and the first since 2016.It’s hard to ignore the booming utility-scale market, which accounted for 8.4 gigawatts of last year’s solar additions — and where the development pipeline now stands at a record 48.1 gigawatts. The large-scale market is underpinned by the proliferation of state renewables mandates, rising corporate demand and costs that continue to drop in spite of the Trump administration’s solar import tariffs.Arguably the most exciting market segment, however, was the one centered on people’s homes. Residential solar installations have now fully recovered from the market contraction of a few years back — when then-leader SolarCity was acquired by Tesla — with a record 2.8 gigawatts added in 2019.[Karl Erik-Stromsta]More: The U.S. built 13.3GW of solar last year as the residential market regained its mojo U.S. added 13.3GW of new solar in 2019, pushing national total to 76GWlast_img read more

Breaking down the Washington Nationals: NL East champs must overcome injuries

first_imgDusty Baker has been to the postseason seven times in 21 years as a manager. He’s looking for his first championship in D.C., the fourth and likely final stop of his career.Baker’s behind-the-scenes work might be the biggest difference in a team that played down to an 83-79 record under Matt Williams last season.On the field, veteran second baseman Daniel Murphy – who carried the Mets past the Dodgers in last year’s National League Division Series – is an MVP candidate. Unheralded right-hander Tanner Roark has become a viable No. 2 starter. Mark Melancon was a necessary midseason upgrade over Jonathan Papelbon as the closer. The only person standing between speedy infielder Trea Turner and the NL Rookie of the Year award plays shortstop for the Dodgers.For all that’s gone right under Baker, the Nationals’ recent streak of bad luck arrives at a bad time. Harper is D.C.’s first superstar baseball player since the 1960s; the onus will fall on him in the eyes of many. But because they balance power and speed as well as any club, the Nationals can be creative. First base coach Davey Lopes, the former Dodger, teaches base stealing as well as anyone.HEALTH CHECKRamos and Strasburg are out. Werth is day-to-day. Harper seems determined to play through everything, and Murphy missed time last week with a strained left buttocks.WHO COULD BE THEIR X-FACTOR?The ageless Jayson Werth has been a stable lineup presence when healthy, hitting 21 home runs in 143 games. He has 53 games of postseason experience in a 14-year career, including two trips to the World Series with Philadelphia. If you believe that experience matters, Werth is the Nationals’ answer to Dodgers second baseman Chase Utley.NEWCOMERS TO WATCHTurner has been electrifying at the plate (.342/.367/.569), on the bases (32/38 SB) and in the field (he’s better at second base than in center).With Ramos out, keep an eye on rookie catcher Pedro Severino, who probably won’t start but has shown some pop in his bat. Second-year hurler Joe Ross, 23, is a candidate to start Game 4. He allowed three runs in three September starts.MAN AT THE WHEELThe postseason demands a different touch compared to the regular season, and Baker’s track record makes you wonder how well he grasps this nuance. Over 21 years, he’s won 53 percent of his regular-season games. In seven trips to the playoffs, he is 19-26.Baker has crossed paths with just about everyone in his lifetime. Here’s a fun fact: In 2006, he managed a Chicago Cubs team featuring Dodgers pitcher Rich Hill and special advisor Greg Maddux. Newsroom GuidelinesNews TipsContact UsReport an Errorcenter_img All-Star catcher Wilson Ramos (knee surgery) was ruled out for the year when he tore his ACL in September. The lineup will miss his .307 batting average; Washington’s pitching staff might miss Ramos more.Another All-Star, pitcher Stephen Strasburg (elbow), will miss at least the first round. Outfielder Jayson Werth recently battled a back injury, while slumping superstar Bryce Harper can’t escape questions about his right shoulder and left thumb. Batting .243, Harper has fallen off at the plate and in the field coming off an MVP season last year.Even if their roster isn’t as deep as it was a month ago, the Nationals have enough weapons to be dangerous in a short series. They ranked fourth in MLB with a .783 on-base plus slugging percentage (OPS) against left-handed pitchers, and the Dodgers likely will ask lefties to start four of the five games if the series goes the distance.HOW WILL THEY SCORE?One Dodgers pitcher called losing Ramos a “monumental” blow to the Nationals’ lineup; another called it “huge.” The bottom line: Murphy and Turner will need some help producing runs.last_img read more